Learn about business insurance requirements and the most common policies for accountants in Texas.
If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by accountants in Texas, general liability insurance can protect your business from expenses associated with common mishaps, such as client property damage and injuries.
Your clients may require professional liability insurance in a contract. Also called errors and omissions insurance, professional liability insurance provides financial protection if a client files a lawsuit claiming your work caused financial harm because it was late, erroneous, or incomplete.
State law in Texas does not require any business to provide workers’ compensation insurance. This coverage is, however, still an appealing option for many business owners since it provides important protections for employees and employers after a work-related injury or illness.
The most common policies for accountants in Texas vary depending on revenue, client contracts, partnerships, and other factors.
General liability insurance is the foundation of an accountant’s business protection, with coverage that extends to client injuries, client property damage, and advertising injuries. Most commercial leases require you to have this coverage.
Many clients require proof of professional liability insurance before entering into contracts for professional services. This policy, also called errors and omissions insurance or accountant liability insurance, can help cover legal expenses if you’re sued for unsatisfactory performance or a work mistake.
Cyber liability insurance can help accountants survive data breaches and cyberattacks. Many professional liability policies include this coverage, but check with your licensed Insureon agent to make sure.
Texas state law only requires workers’ compensation for accounting businesses with government contracts. The coverage is optional for all other employers. That doesn't mean you aren't responsible for employee work injuries, which is why some Texas employers opt for coverage even when it’s not required. If an employee is injured on the job, workers’ compensation can help cover medical bills and lost wages.
According to an analysis of Insureon applications, the typical accountant in Texas usually pays significantly less than the national median for insurance policies.
For example, Texas accountants pay a median premium of just $232 annually for workers’ compensation, less than three times the national median of $795. They also pay a median premium of just $500 annually for professional liability insurance, less than half the national median of $1,220.
Insureon’s industry-leading technology helps accountants in Texas save time and money shopping for insurance by comparing policies from top U.S. carriers. Start a free online application to review quotes for the policies that best fit your business. Our insurance agents are licensed in Texas and can answer your questions as you consider coverage.
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